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CySEC fines Aspis EUR80k on ADH takeover.

The Cyprus Securities and Exchange Commission (CySEC) decided to impose an administrative fine of EUR 80,000 on Aspis Holdings Public CO for acting in violation of article 13(1) of the Public Offering Law 2007 since it failed to comply with the obligation for the submission of a public offer for 100% control of ADHP Holdings Public Company Ltd, which was activated after ASP acquired a 31.5% stake in ADHP.

CySEC decided to suspend all the voting rights exceeding 30% that the Company possibly holds today, either directly or via persons acting in agreement with ADHP during the general meetings for one year. If until the expiry of the suspension of the voting rights, ASP does not sell them and continues to hold more than 30% of the voting rights of ADHP, then the obligation for a public offer to the shareholders of ADHP will be activated again, pursuant to article 13(1) of the Law.

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Publication:Financial Mirror (Cyprus)
Date:Oct 27, 2009
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